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Thursday, October 07, 2010

RidgeWorth Shifts Execs into New Roles

Reported by Armie Margaret Lee

RidgeWorth Investments [see profile] now has two CEOs as part of changes this summer that saw its senior executives step into new roles.

Ashi Parikh
RidgeWorth Investments
Chairman and Co-CEO
Ashi Parikh, who was president and chief investment officer, became chairman and co-CEO in addition to being the top investment executive.

He shares the CEO title with David Eidson, previously chairman and the sole CEO. Eidson, who has served as CEO since 2004, now also serves as chief operating officer.

With Parikh promoted to co-CEO, Jim Stueve stepped into the role of president. He continues to lead sales and distribution efforts.

David Eidson
RidgeWorth Investments
Co-CEO and Chief Operating Officer
"All our boutiques are led by investment talent, so it makes sense that RidgeWorth is also led by investment talent," Parikh told The MFWire.com in an interview Thursday afternoon.

The changes took effect in July, the same month that RidgeWorth's parent SunTrust Banks Inc. decided to sell the money market fund business to Federated Investors and keep the long-term asset management business.

"I came on board in 2006 and my charge was to get us more autonomous from the bank," Parikh said. "It's a natural evolution of our design."

"SunTrust realized that to get the most value out of RidgeWorth, it would be beneficial to make RidgeWorth more autonomous," he added.

RidgeWorth, he said, is getting its own technology, data warehouse and infrastructure. And, as The MFWire.com reported last month, it is moving to new headquarters next spring.

RidgeWorth has not issued a press release on the executives' new roles, though information about their new titles and the month when they took effect appear on the "Management Team" section of RidgeWorth's Web site.

"David will continue to play a key role and will focus more on the operational side of the business," Parikh said. 

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